One book=Enough knowledge to invest?

[JJ Blayde]

Rolyn: yea well i like contrasting opinions so ill deffinitly post questions on this website, the reason id want to pm you is for more specific info on a topic that i didnt get from here, or more or less to just get your opinion of something that i posted but you never saw.

Michael: well ill take your advice. Thats basically it. If i can invest without a license i will. If it compliments my investing strategy and helps me earn more money, then ill get a license. But starting out ill take your advice.

Btw guys, i know its silly but im quite happy that ive gotten 44 posts on this thread. Shows that yall took an interest in me and are willing to give me advice and help me succeed. Yall are awesome

[MichaelQuarles]

Btw guys, i know its silly but im quite happy that ive gotten 44 posts on this thread. Shows that yall took an interest in me and are willing to give me advice and help me succeed. Yall are awesome

No problem... I like to hear myself talk so I kinda enjoy it... LOL

Michael

[JJ Blayde]

Lol michael. Well keep on talking. The more you talk the more i learn :D

same with all of you! I like hearing yall talk.

So question... When i find a house that is good for wholesaling and i have a buyer, what do i do? How do i get a contract woth the right clauses in it? Will i be using an attorney or agent?

I have these gaps in my mind. These missing steps. I know how to do step 1/3/6/7/8/10 but not the missing numbers. Thats one of the missing numbers im trying to figure out. Help?

[davewindsor]

Hello everyone..

My escape clause is fairly simple...

IX.   INSPECTION OF PROPERTY: Buyer shall have until the close of escrow to complete all Buyer investigations of the property, approve all disclosures, and other applicable information, which buyer receives from seller and/or persons hired to inspect property on behalf of Buyer; and approve all maters affecting the property, including but not limited to, the marketability of the property, the elevation, grade, and topography of the Property and to conduct engineering and soil boring tests as the Buyer deems necessary in order to determine the usability of the Property. Buyer may in Buyers sole and absolute discretion, give notice of termination of this Agreement at any time prior to the expiration of the inspection period, and upon such termination, all deposits held in escrow shall be returned to Buyer.

IV.   CLOSING DATE: This transaction shall be closed and the deed and other closing papers delivered in 60 days following the date of final acceptance or on _________, 20____, unless extended by other provisions of Contract, or by written agreement of the Parties and also at the sole option of the buyer.

The Buyer shall have the option to extend the closing date for up to 365 days from the Contract For Purchase And Deposit Receipt date upon receipt by the Seller or Sellers Closing Agent of a consideration amount of one hundred dollars ($100.00), amount to be classified as additional fund, and shall reduce the purchase price by said amount. The right to extend the closing date is the sole right and option of the Buyer and does not require Sellers approval.

Honestly, how many times have you convinced a vendor to sign a one year escape clause that can be based on marketability of the property for a $100 or less consideration with your "ugly" house estimate deductions on your wholesale offer?? 

Give me one actual example of when you've done this.  Accepted offer by vendor, ARV, turnover of property, turnover cost, price flipped to purchaser.

[MichaelQuarles]

I can give you hundreds of examples of sellers signing it.. My vendors never do.. A vendor is someone I hire on my behalf to perform a task or someone I pay a fee to for goods and services...

If a seller wants to sell the only way they get to sell to me is by signing my agreement... This business inst about us getting to buy houses...

Happy house hunting...

Michael

[davewindsor]

I can give you hundreds of examples of sellers signing it..

I didn't ask for hundreds of examples.  Just one.

[MichaelQuarles]

And I would do this for?  To prove my credibility?...  Or to prove that it can be done?... Which shall it be? Both are silly and rather ignorant..

Happy house hunting...

Michael

PS I am not accustomed to using white out on my agreements... They are worded in the fashion I choose for the best protection they can offer me... People who change how they do business for a seller are weak...  Our job is to buy houses within our business model not to adhere to the wants of the sellers.

BTW I actually go over every paragraph with the sellers...

[davewindsor]

And I would do this for?  To prove my credibility?...  Or to prove that it can be done?... Which shall it be? Both are silly and rather ignorant..

Yes, all of the above.  I had a feeling you'd give that kind of keyboard jockeying answer when called out.

[MichaelQuarles]

The last time I cared what someone said...hummmm I cant remember... I find this fun actually, you have me thinking how many times has a seller signed it... I had a superior Court Judge Sign my agreement as written... Made 75k on that deal... The last time was a few days ago... There was a time when a seller took it to her attorney and he rewrote it... Cost her 4k.. She was mad that I wouldn't accept her modification...

All of my students have their sellers sign it... A lot of people sign it... Isnt really an issue when you find someones motivation for selling...

Feel free to bash some more... Did you catch my last name? I like arguing.... Makes me feel alive...

Carry on soldier

Michael

I am going to fire my spell checker... Damnit

[JJ Blayde]

Lol your last name.. Quarles, quarrels... I didnt get that at first.

I always wondered how one would go about proving something like that. I can think of a hundred ways someone could lie about signatures, pictures, checks, so really you just have to go by an honor system.

Your best bet dave might be to try putting the clause in your contracts and seeing if you can get any sellers to sign it.

Or you could just develop a relationship of mistrust with michael for no other reason then yiu think his clause is too unrealistic. And ill remind you that lack of evidence is not evidence if absence.

Anyways

[RolynRealEstate]

Michael is right.  A person that is not motivated will probably not sell under those circumstances. On the other hand if you do find a motivated seller....a TRULY motivated one they are not going to care what they sign they just want to get rid of the property.  That is the only goal for them. I had someone call me yesterday on my voicemail and said: "You better call me in 3 hours or I'm going to sell the house to someone else. I want this property sold NOW!!" Now I never have spoken to this person so at first it kind of "Took me for a loop" But I called back and it was a great deal on a property.  The reason for the motivation was the city was cracking down on him because the property was vacant and smelled really bad so the neighbors were complaining.  He was just sick of the headache he called his property and was willing to sell it at a good price and it is in a good location. 

Your marketing will come up with these situations as long as you keep it going.  Whatever form of marketing you do make sure you have a budget for it to continue.  If you don't have a marketing budget right now and you want to start out with no money then drive around and look for vacants, (There are telltale signs, old phone books and mail in the front yard, tall grass, broken shades, overlapping bushes) Write down the addresses and look up who owns the property and then mail them directly a lot of times if the property is vacant they have their mail forwarded.

[JJ Blayde]

Lol i revert back to my earlier question.

When i find those deals, and i got a buyer for it, how do i put it under contract? Where do i get the right kind of contract? Do i use an agent and/or an attorney? What?

[RolynRealEstate]

Easy! google "Real Estate forms"  You are looking for a Purchase and Sale Agreement.  Put in your clauses in there (Perferably Inspection) and then have a Real Estate Attorney look them over...just in case.

[davewindsor]

I had a superior Court Judge Sign my agreement as written... Made 75k on that deal...

And what would be the judges motivation for letting you option his property for a year for a $100 consideration instead of listing with a realtor?  Are you offering something else of value like doing repairs to his house? 

[davewindsor]

Your best bet dave might be to try putting the clause in your contracts and seeing if you can get any sellers to sign it.

Or you could just develop a relationship of mistrust with michael for no other reason then yiu think his clause is too unrealistic. And ill remind you that lack of evidence is not evidence if absence.

Anyways

Gee, thanks for the motivation.  I'm already a real estate millionaire.  Perhaps you should start putting in offers that get accepted instead of working for min. wage at Walmart.